Did you know? The The National Association of Realtor (NAR) expects expects about 5.2 million homes to be sold in 2022, about a 15% decline from 2021. They expect fewer homes will likely be sold in 2023 — about 4.8 million homes. (NAR)
Did you know? During all of the last 6 recessions, mortgage interest rates dropped ....anywhere from 0.625% (2001) to 5% (1981). (Freddie Mac)
Did you know? Forecasts for sales pricing of homes in 2023 vary considerably, anywhere from up 2.8% (Mortgage Bankers Association) to a drop of 4% (Zelman).
Did you know? The median rent in the USA has almost tripled since 1988. (Census)
Did you know? Around 80% of homebuilders are upping their buyer incentive offerings.
Did you know? The affordability of the typical new home sold in the U.S. nose-dived in September 2022. At an initial estimate of 43.6% for September 2022's median household income, the cost of owning a typical new home has never been higher for a typical American household. (Seeking Alpha)
Did you know? In the first half of 2022, the median price art collectors who were surveyed recently by UBS paid for art was $180,000, up from $164,000 in the same period in 2021. Before the pandemic, in 2019, the median price paid in the first half of the year was $100,000. (Talk about LUXE-flation....median price up 80% since 2019!!!!)
Did you know? A study published this month found the shift to standard time each fall results in a 16% jump in deer-vehicle crashes because of an abrupt increase in night-time driving. Researchers say a permanent move to daylight saving time (DST) could prevent nearly 37,000 of these collisions annually in the U.S. Can’t we do away with this already!!!!!
Did you know? Inflation is nothing new: Inflation is once again back in the headlines, but it has always been present, at lower rates. The purchasing power of the dollar has fallen about 50% every 18 years, on average, over the past 50 years. Another good reason to own real estate over the longterm? (CNBC)
Did you know? An analysis from the Urban Institute estimates that those who became homeowners between the ages of 25 and 34 accumulated $150,000 in median housing wealth by their early 60's. Meanwhile, those who waited until between the ages of 35 and 44 to buy netted $72,000 less in median housing wealth. (WSJ)
Did you know? Petroleum sales are transacted in US dollars. This originally came about through the Bretton Woods Agreement in 1944 which established an international monetary order whereby foreign currencies were pegged to the US dollar, backed by gold bullion. In 1971, the US terminated the convertibility of the U.S. dollar to gold bullion, effectively rendering the dollar a fiat currency. Additionally, the US dollar is predominately the standard currency used in global commodity market transactions. Why is this important? As the US raises interest rates, and the dollar strengthens against other currencies, it costs other countries more to settle dollar denominated transactions.